Among the product types, the type 3 white spirits segment is anticipated to register rapid growth over the forecast period. Type 1 white spirits are highly consumed, and are estimated to remain prominent in the global market throughout the forecast period. Manufacturers based across geographies are noted to be focusing on developing LAWS (Low Aromatic White Spirits). The global white spirits market was pegged at over US$ 5.8 Bn in terms of value at the end of 2018, and is anticipated to reach a value of over US$ 9 Bn by the end of 2029, at a significant CAGR of over 4% over the forecast period.

Significant Growth in the Paints & Coatings Industry to Act as One of the Prominent Driving Factors in the Growth of the White Spirits Market, Globally

White spirits are widely consumed in the paints & coatings industry for paint thinner applications. The substantial growth of the global paints and coatings industry is noted to have an optimistic impact on the long-standing white spirits market growth. Accounting for more than half of the white spirits market in terms of volumetric consumption, the paint thinner application is a strong driving force for the overall growth of the white spirits market. Furthermore, white spirits are extensively used in cleaning and degreasing applications as a solvent. Prominently used in the cleaning of heavy machinery, tools, and vehicle parts, among others, white spirits are estimated to be highly consumed in these applications.

Consumer Preference to Set the Course for the White Spirits Market

The consumption trends of white spirits are observed to change over time, and hence, the recently rising demand for low aromatic and odorless white spirits has provided the necessary boost for the growth of the type 3 white spirits segment. Restrictions imposed on VOC (Volatile Organic Compound) emissions have been studied to have a negative impact on the white spirits market. This has resulted in the consumption of bio-based, environment-friendly solvents. Moreover, stringent regulatory frameworks in the mature and developed regions of North America and Europe pose an obstacle to the overall growth of the white spirits market, globally.

Increasing Industrial Activities in the Countries of East Asia Result in a Higher Volumetric Proportion of White Spirits Consumed in the Region; While the Markets in South Asia & Pacific Grow at a Fast Pace

The East Asia white spirits market is anticipated to remain at the forefront in terms of consumption, owing to large-scale industrial activities in the region. China is estimated to remain a prominent market in the East Asia region, and is also expected to create high revenue opportunities in the coming years. Closely following East Asia, the North America white spirits market is expected to represent significant revenue growth over the forecast period. In terms of value-volume growth, the South Asia white spirits market is expected to showcase confident growth, with India, among other countries, leading in its consumption.